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Business of practice

New, shorter application form now available for Paycheck Protection Program (PPP) loan forgiveness

Psychologists wishing to apply for PPP loan forgiveness may now be able to do so using fewer calculations and less documentation.

Cite this
Office of Health Care Financing Legal and Regulatory Affairs Staff. (2020, June 17). New, shorter application form now available for Paycheck Protection Program (PPP) loan forgiveness. http://www.apaservices.org/practice/clinic/covid-19-loan-forgiveness-application
New, shorter application form now available for Paycheck Protection Program (PPP) loan forgiveness

On June 17, 2020, the U.S. Small Business Administration and Treasury announced a new, shorter loan forgiveness application form (EZ) under the Paycheck Protection Program that can be used by borrowers who:

  • Are self-employed and have no employees, or
  • Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees, or
  • Experienced reductions in business activity because of health directives related to COVID-19, and did not reduce the salaries or wages of their employees by more than 25%